Encorp denies selling mall for RM400mil

  • Business
  • Monday, 17 Feb 2014

PETALING JAYA: Encorp Corp Bhd has refuted market talk that it is selling Encorp Strand Mall in Kota Damansara for RM400mil.

In response to queries from StarBiz, group chief executive officer Yeoh Soo Ann said this was not true and that preparations were currently in full swing for the mall’s grand opening in April. “The Encorp Strand Mall is projected to strengthen the group’s financial performance for the financial year ending 2014,” Yeoh added.

The shopping mall, with 435,000 sq ft in net rentable space, is part of the RM1.4bil Encorp Strand development that also includes 265 business suites, the 500-foot covered boulevard Red Carpet Avenue, 14 blocks of self-contained garden offices and 278 serviced residences built on top of the mall.

Yeoh, together with Encorp chief operating officer Mohd Ibrahim Masrukin, undertook a management buyout of Encorp in July last year. The duo had bought over Lavista Sdn Bhd, a private vehicle of former executive chairman Datuk Seri Effendi Norwawi. Lavista has a 30.55% stake in Encorp.

He said Encorp Strand Mall would be the company’s first shopping centre. “This mall exemplifies Encorp’s impressive and steady track record, which has been growing from strength to strength in property development and construction.

“We look forward to the public getting a feel of what our brand experience is all about. This mall is aimed at meeting the needs of over 1.8 million of the surrounding population.

“We have always focused on quality, service, value and standards in whatever we do and Encorp Strand Mall is no exception.”

Yeoh said the mall was positioned to be “the” destination for families looking for a unique shopping experience.

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